Louisiana State Employees Retirement System Purchases New Holdings in Ormat Technologies, Inc. $ORA

Louisiana State Employees Retirement System acquired a new position in Ormat Technologies, Inc. (NYSE:ORA) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 17,600 shares of the energy company’s stock, valued at approximately $1,970,000.

Several other large investors also recently bought and sold shares of ORA. Norges Bank acquired a new position in shares of Ormat Technologies during the fourth quarter valued at approximately $86,545,000. Migdal Insurance & Financial Holdings Ltd. boosted its stake in shares of Ormat Technologies by 155.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock worth $97,935,000 after acquiring an additional 540,000 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Ormat Technologies by 62.6% in the second quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock worth $89,928,000 after acquiring an additional 413,384 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of Ormat Technologies in the second quarter worth approximately $18,310,000. Finally, AEGON ASSET MANAGEMENT UK Plc increased its position in shares of Ormat Technologies by 102.6% during the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 294,748 shares of the energy company’s stock worth $32,549,000 after purchasing an additional 149,271 shares in the last quarter. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ormat Technologies

In other Ormat Technologies news, Director Stanley Stern sold 250 shares of Ormat Technologies stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $138.42, for a total transaction of $34,605.00. Following the completion of the sale, the director directly owned 5,800 shares in the company, valued at $802,836. This trade represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Byron G. Wong sold 4,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $134.32, for a total transaction of $604,440.00. Following the completion of the sale, the director directly owned 5,925 shares in the company, valued at $795,846. This trade represents a 43.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 30,585 shares of company stock valued at $4,090,998. 0.56% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts recently commented on the company. JPMorgan Chase & Co. increased their price objective on Ormat Technologies from $106.00 to $123.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Piper Sandler upped their target price on shares of Ormat Technologies from $125.00 to $142.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. Sanford C. Bernstein assumed coverage on shares of Ormat Technologies in a research report on Tuesday, June 16th. They issued an “underperform” rating and a $115.00 target price for the company. Royal Bank Of Canada started coverage on shares of Ormat Technologies in a research report on Tuesday, March 3rd. They issued an “outperform” rating and a $130.00 target price for the company. Finally, Wolfe Research began coverage on shares of Ormat Technologies in a research note on Monday, June 8th. They issued a “peer perform” rating on the stock. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Ormat Technologies has an average rating of “Moderate Buy” and a consensus price target of $131.67.

Ormat Technologies Stock Performance

Shares of Ormat Technologies stock opened at $109.09 on Wednesday. Ormat Technologies, Inc. has a 52 week low of $83.63 and a 52 week high of $146.39. The business’s fifty day simple moving average is $127.20 and its 200-day simple moving average is $119.31. The firm has a market cap of $6.70 billion, a PE ratio of 52.95, a price-to-earnings-growth ratio of 4.71 and a beta of 0.85. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.38. The business had revenue of $403.91 million during the quarter, compared to analysts’ expectations of $349.17 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The company’s revenue was up 75.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.68 EPS. Equities analysts forecast that Ormat Technologies, Inc. will post 2.35 earnings per share for the current year.

Ormat Technologies Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 20th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, May 20th. Ormat Technologies’s dividend payout ratio (DPR) is 23.30%.

Ormat Technologies Profile

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.